Moodie Davitt snapshot: AENA Q1 results
Commercial revenues up +7.5% to €221.9 million
Passenger traffic rises +9.2% to 53.2 million
Duty free income climbs +5.5%
F&B up +13.8%; speciality shops rises +11.7%
Average revenue per passenger down -1.5% to €4.40

Source: The Moodie Davitt Report

SPAIN. Airports company AENA has reported a +7.5% year-on-year increase in commercial revenues in the first quarter of 2018, to €221.9 million.

This was below passenger traffic growth of +9.2% in the quarter, to 53.2 million across the network.

Within this, duty free income climbed by +5.5%, food & beverage by +13.8% and speciality shops by +11.7%. Revenue from car rental was up +4.9%, while car parking income grew +5.3%.

AENA said commercial revenue growth was largely attributable to the positive evolution of passenger traffic as well as the boost to commercial activity from new tenders “which improve contractual conditions and bring new operators of recognised experience and reputation into the airports”.

The airport company noted that the increase in the traffic mix of low cost passengers (who have a lower propensity to spend) combined with Brexit and the devaluation of the Pound negatively impacted commercial growth.

Average revenue per passenger was €4.40, down -1.5% compared to 2017.

AENA’s Q1 commercial performance in detail, click image to enlarge
Source: AENA

Total revenue in Q1, click on image to enlarge
Source: AENA

At London Luton Airport in the UK, commercial revenue grew by +16.7%. This was aided by the good performance of car parking revenue (+21.5%), reflecting the opening of a new car park. Also key were newly-implemented management and pricing strategies. Food & beverage and retail income positively impacted commercial growth (+15.9% combined) as new shops were opened, AENA said, as did a change in the passenger flow.

AENA’s total consolidated revenue for the quarter was €841.8 million, a +6.0% year-on-year increase. EBITDA was up +13.8%, to €364.2 million.

The passenger traffic performance by airport; the AENA network delivered a rise of +9.7% in volumes within Spain
Source: AENA